By Bloomberg News

Copper Rises to Start Pivotal Week Ahead of US Tariffs Deadline. Bloomberg

(Bloomberg) -- Copper rose along with equities after the European Union’s deal with the US averted a damaging rift between the two major economies, while traders watch for final details on imminent US tariffs on the industrial metal.

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Benchmark prices edged higher on the London Metal Exchange, following a tariff agreement that will see the EU face 15% levies on most exports. The deal comes ahead of a US-China meeting in Stockholm that’s expected to extend a trade truce for 90 more days.

But for copper, the most anticipated development will be the launch of a touted 50% tariff on the metal, with details still unclear ahead of their planned start date on Friday.

President Donald Trump’s administration hasn’t so far confirmed important aspects of the duties, including which products will be covered, whether supplies from all nations will be hit equally, or how metal already on its way to US shores will be treated.

Global traders have shipped massive amounts of copper to America to get ahead of tariffs, and Trump’s announcement of an Aug. 1 deadline earlier this month triggered a last-minute scramble. Prices in the US are now much higher than those on the LME, but they don’t fully reflect a 50% universal tariff rate on all exchange-traded copper. The premium now stands at about 30%.

Further important developments lie ahead this week. The Federal Reserve is expect to keep rates unchanged at the conclusion of its policy meeting on Wednesday, but its commentary will be scrutinized for clues on what comes next. There’s also a deluge of US data, from the latest on economic growth to jobs.

Copper rose 0.6% to $9,824.50 a ton on the LME as of 11:51 a.m. in London. Aluminum was steady while zinc and nickel both edged 0.6% lower. The Bloomberg Dollar Spot Index rose 0.4%.

(A previous version of this story corrected the planned date for start of US tariffs.)

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